To Curb Inflation… We Must Avoid the Mistakes of the Past

To Curb Inflation… We Must Avoid the Mistakes of the Past

International and Arab News

There are things in life that are fated to be governed by facts and figures, with sentiment playing no role at all. Some of these facts and figures may be painful, but to dress them up is to fabricate them, and doing so would harm the party concerned before anyone else.

One of the most essential domains governed by facts and figures is the economy, in which hopes and dreams have no place.

The most prominent economic issue of the day, in my view, is inflation. Inflation is ravaging the globe as price hikes hit people’s temperaments before their pockets. People are right to complain. None of us is happy to pay more than we had in the past, whatever the reasons.

Prices are not rising haphazardly; an array of developments have pushed them up. One major factor is the shutdowns imposed by the COVID-19 pandemic, which disrupted global supply chains, and its economic implications were exacerbated by the obstruction of the Suez Canal at the time, as it led to a shortage of containers and an increase in freight prices.

On top of that, we have the newer shutdowns imposed in some parts of the world. Those imposed recently in